Locafy Limited (NASDAQ: LCFY) is an $8 million company that, which works with search engine optimization technology and tools. The company had conducted its IPO earlier this year, making it a young player in the game. Despite this, it has excellent growth prospects and aims to make a mark in a $700 billion global industry.

Booming Performance for Locafy

Locafy Limited (LCFY) is a company with an extremely strong profile and has been showing booming performance, following its IPO. By what the management has labeled, the ‘network effect’, it has been seeing phenomenal growth across a number of metrics. Revenue, for instance, had risen by 92% from 2021 to 2022, whereas monthly recurring revenue more than doubled. The total number of partners too has climbed year over year from only 34 to 135. This networking growth has resulted in an exponential growth wave for the company, which could dramatically accelerate its rise to the top. Considering its small size, even a slight price rally could take LCFY stock significantly up, in the short term.

LCFY Competitive Strengths

Locafy’s automated SEO is the game-changer for the company, which can be set up in a matter of minutes, in comparison to its peers who require weeks or even months to do so. Given the company’s patented automation technology, both enterprise competitors and digital agencies are unable to match. With Locafy systems, clients are able to see organic results within 30 days, whereas its competitors are able to do the same in up to a year. Due to this, it offers the most competitive pricing, which has proven to be a major growth driver.

Conclusion

LCFY is a stock that holds immense promise, as is evident by its business performance. The digital search industry is estimated to be worth $700 billion, and Locafy seeks to revolutionize it with its patented automation technology.